You finally found the perfect house and you’re getting ready to enter into a contract to buy the house. As a first time buyer, you may be wondering to yourself about your purchase contract and what protections you have as a buyer.
What are contingencies?
Contingencies are clauses in the contract that require both parties to meet certain conditions that must take place within a specific amount of time in order to continue to the next phase. Think of them as prerequisites to getting what you want. They are there to protect you as a buyer and can help you walk away without any monetary losses.
Buyers can remove contingencies in the contract to lift the restraint and proceed with the sale by completing a contingency removal form. If they’re…